The Islamic Development Bank (IDB) plans a new cooperation strategy with Egypt, Invest-Gate reports.

The bank plans to provide Egypt with a fund worth USD 3 bn over the next three years from 2018 to 2020, a ministry of investment and international cooperation statement read.

Minister Sahar Nasr and IDB President Bandar Hajjar tackled procedures for establishing a branch for the bank in Cairo, as well as investing in Egypt Entrepreneurship Program (EEP) to support entrepreneurship and innovative projects.

Meanwhile, Nasr and the chairman of the Arab Fund for Economic and Social Development (AFESD), Abdullatif Youssef Al-Hamad, also discussed the fund’s support for “Fekretak Sherketak” initiative to encourage startups and promote the private sector’s investments in several projects.